Visa Stablecoin Card Business Explodes in Hypergrowth Mode
Visa's stablecoin card business is experiencing explosive growth, according to its head of crypto, Cuy Sheffield. The company now has more than 160 programs linked to stablecoins for issuers and program managers, nearly triple the number from last year.
This rapid expansion has led Visa to announce that it will share additional settlement data with blockchain lenders, providing them with a better understanding of crypto fintech companies and card issuers. This move aims to combine Visa's settlement data with blockchain credit tools, giving lenders a more comprehensive view of a borrower's performance before money changes hands.
Sheffield noted that stablecoin-linked cards are 'in hypergrowth mode' and that new issuers are joining Visa every week, including stablecoin neobanks and fintech firms launching cards. To support this growth, Visa is setting up funding partnerships to enable newer issuers to borrow through smart contracts and on-chain credit.
Credit Coop, a platform that has processed $2.7 billion through its smart contracts with no defaults reported, is already involved in one such trial with Credit Coop enabling a credit facility for stablecoin-linked card providers.